Credit union strategic planning teams need to keep an eye on the rapidly evolving mobile payments landscape.
Mobile payments is one of ten trends influencing credit unions this year, according to the 2014-2015 CUNA Environmental Scan (E-Scan) Report.
Mobile payments are growing by 68% annually—from $16 billion in 2010 to a projected $214 billion by 2015. This transaction type continues to be the single greatest opportunity for—and threat to—credit unions.
"Technology is shifting the landscape of how we pay," says Mark Sievewright, president of credit union solutions for Fiserv.
Credit unions can capitalize on emerging technologies and changing demographics by focusing on the three pillars of payments success: real-time, mobile, and social payments capabilities.
With competitors springing up everywhere, mobile payments can help credit unions retain members and increase their loyalty.
"One of the most important things is to decide how to remain relevant," says Sievewright, one of the E-Scan report's authors. "Decide which investments are going to have the most payback."